Oriental Bank of Commerce

1.  We have audited the attached Balance Sheet of Oriental Bank
 of Commerce as at March 31, 2009, and also the Profit and Loss
 account and the Cash Flow statement annexed thereto for the year
 ended on that date in which are incorporated the returns of 20
 branches audited by us, 1206 branches audited by other auditors
 and 175 branches and a representative office at Dubai not
 subjected to audit.  These unaudited branches account for 3.67
 per cent of advances, 0.91 per cent of deposits, 2.83 per cent
 of interest income and 0.54 per cent of interest expense. The
 branches audited by us and those audited by other auditors have
 been selected by the bank in accordance with the guidelines
 issued by the Reserve Bank of India. These financial statements
 are the responsibility of the banks management. Our
 responsibility is to express our opinion based on our audit.
 
 2.  We conducted our audit in accordance with the auditing
 standards generally accepted in India. Those standards require
 that we plan and perform the audit to obtain reasonable
 assurance about whether the financial statements are free of
 material misstatement. An audit includes examining, on a test
 basis, evidence supporting the amounts and disclosures in the
 financial statements.  An audit also includes assessing the
 accounting principles used and overall financial statement
 presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3.  The Balance Sheet and the Profit and Loss account have been
 drawn up in forms A & B respectively of the Third Schedule
 to the Banking Regulation Act, 1949.
 
 4.  Without qualifying our opinion attention is invited to
 
 a) Note no. 5 of Schedule 18 regarding write back of income tax
 of Rs. 147 crores pertaining to previous year.
 
 b) Note no. 12(f) of schedule 18 regarding the claim lodged by
 the bank with Government of India under Agricultural Debt Waiver
 and Debt Relief Scheme 2008.
 
 c) Note no. 17 of schedule 18 regarding adhoc provision of
 Rs.110 crore made on account of wage revision.
 
 d) Note no. 19 of schedule 18 regarding inclusion of not readily
 realisable advances and not readily realisable assets pertaining
 to erstwhile global trust bank as part of the assets of the
 bank, which was otherwise required to be taken on collection
 basis as per the scheme of amalgamation.
 
 5.  The impact, if any, on account of balancing of books,
 confirmation/ reconciliation and clearance of outstanding
 entries in certain accounts is not accounted for as the same is
 not ascertainable (refer note no.6 of schedule 18).
 
 6.  As required by the Banking Companies (Acquisition and
 Transfer of Undertakings) Act, 1980 and subject to the
 limitations of disclosure required therein and the limitations
 of the audit indicated in paragraph 1 above and further subject
 to our observations in paragraph 5 above, we further report
 that:
 
 i) In our opinion and to the best of our information and
 according to the explanations given to us and as shown by the
 books of the bank :
 
 a) The Balance Sheet read with Significant Accounting Policies
 and Notes to Accounts is a full and fair Balance Sheet
 containing the necessary particulars and is properly drawn up so
 as to exhibit a true and fair view of the affairs of the bank as
 at 31st March, 2009.
 
 b) The Profit and Loss account read with Significant Accounting
 Policies and Notes to Accounts shows a true balance of the
 Profit for the year ended 31st march, 2009, and
 
 c) The Cash Flow Statement gives a true and fair view of the
 cash flows for the year ended on that date.
 
 ii) We have obtained all the information and explanations which
 to the best of our knowledge and belief were necessary for the
 purposes of our audit and have found them to be satisfactory.
 
 iii) The transactions of the bank, which have come to our
 notice, have been within the powers of the bank.
 
 iv) The returns received from the offices and branches of the
 bank have generally been found adequate for the purposes of our
 audit and where the particulars in the returns received were
 incomplete/ inadequate, we have relied upon the information and
 explanations furnished by the management.
 
 For Umamaheswara Rao & Co.                  For Hingorani M & Co.
 Chartered Accountants                       Chartered Accountants
 (R.R. Dakshina Murthy)                      (Sanjay Kumar Narang)
 Partner (M. No.: 211639)                 Partner (M. No.: 090943)
 
 For Suresh Chandra & Associates      For P.B. Vijayaraghavan & Co.
 Chartered Accountants                       Chartered Accountants
 (Madhur Gupta)                             (P.B.Santhanakrishnan)
 Partner (M. No.: 090205)                 Partner (M. No.: 020309)
 
 For Faruqui & Company                        For V Krishnan & Co.
 Chartered Accountants                       Chartered Accountants
 (S. M. Y. Qureshi)                                  (V. Krishnan)
 Partner (M.No: 081750)                   Partner (M. No.: 010949)
 
 Place : New Delhi
 Date  : April 27, 2009.